Philadelphia unemployment rate dropping by the minute

Philadelphia, Pennsylvania is quietly keeping up with the rest of the economy without gaining the recognition for it.

Philadelphia, Pennsylvania is quietly keeping up with the rest of the economy without always gaining the recognition it deserves. Between July and December 2015, the city's unemployment rate fell nearly 3 percent, according to the Bureau of Labor Statistics - a massive improvement in just six months.

Job seekers looking for a fresh start should consider the city that keeps plugging in new jobs into the economy at a steady rate rivaled by few in the United States.

It's Always Sunny...
According to the U.S. Census Bureau, around 1.5 million people call Philadelphia home. It's easy to see why - residents get the best of both worlds when it comes to weather. Those who live in the city receive a few months of winter and an average 47 degree Fahrenheit low, but aren't left wanting in the summer with an average high of 65 degrees, according to U.S. Climate Data.

Philadelphia's geographic location allows residents to enjoy convenient access to its surrounding areas. Just across the river, Philadelphians can explore the South Jersey suburbs, and Wilmington, Delaware is just a 20 minute train ride away. The vast network of public transportation means those who want to work in the city don't necessarily have to live there, and have three different states to choose from in this bundled area. "Philadelphia has something for everyone," remarks Luke Walker, Division Director of Beacon Hill Technologies in Philadelphia. "You can live here and enjoy everything from NYC to DC."

Philadelphia can easily be accessed by those living in Delaware and New Jersey because of its excellent public transportation system.

Those who want the excitement of living in the city have a ton to look forward to. Every major sport has a team in Philadelphia - the National Football League's Philadelphia Eagles, Major League Baseball's Philadelphia Phillies, the National Basketball Association's Philadelphia 76ers and the National Hockey League's Philadelphia Flyers - and each of them has their own rabid fan base. If you're leaving your hometown team to move to Philly, it won't take long to become accustomed to the scene.

"Philadelphia is a great city for young professionals that want to enjoy the perks of city life, while building great careers," says Bryan Mulhern, Division Director of Beacon Hill Financial in Philadelphia. "The city sponsors various events throughout the year geared towards getting professionals together out of the office, including the very popular 'City Sips' Wednesday outdoor happy hours throughout the summer months."

Philadelphia is a historic city and therefore has a lot of attractions related to its deep culture, such as Independence Hall, the Liberty Bell and Carpenters' Hall. With over 90 museums and historical sites, Philly has something to appeal to historians, art aficionados, and Three Stooges enthusiasts (no, seriously) alike. Those looking to ditch the textbooks for some fun attractions may check out their thriving nightlife, Franklin Square or LOVE Park. There are a number of highly reputable museums as well. However, make no mistake - if you are in the market for textbooks, you can find plenty here. Over 60 colleges and universities call Philadelphia and the surrounding area home, making it a great place to go if you're looking to take the next step in your career development.

Philly Economy Not So Rocky
The attractions bring people to Philly, but the jobs get them to stay. Nearly 1 million find work in the city that sports a 4.8 percent unemployment rate as of December 2015, according to the BLS. Large companies like Comcast, Amerisource, Lincoln Financial and UGI are just a few of the Fortune 500 firms that call the city home. Philly also boasts a robust legal landscape, with numerous Am Law 100 firms and nationally-recognized litigation and intellectual property boutiques operating within the area.

"It is a great time to be an attorney in Philadelphia, particularly a corporate associate," says Alice Rafalko, Senior Legal Consultant with Beacon Hill Legal in Philadelphia. "The opportunities are abundant and it shows in compensation – attorneys from pricier markets like Washington, D.C. and New York City are making this city home because the salary and benefits packages are comparable and competitive, but the lower cost of living makes this area dramatically more affordable."

The City of Brotherly Love is also gaining notoriety in the Pharmaceutical space. You can find a litany of the world's leading biopharma and biotech companies in the Western Suburbs and stretching across Central New Jersey. In fact, Big Pharma giant GlaxoSmithKline calls the Navy Yard in Philadelphia its US home. As the end of last year's job numbers demonstrate, job seekers are finding employment in legal, pharma, and everything in-between:

  • Nearly 60,000 work in the financial activities sector, which has a solid 3 percent job growth rate.
  • Entrepreneurial work is booming, as around 42,000 are employed in "other services," which entails industries like pet care or personal care services. This industry has a growth rate of 4 percent, and was as high as 7 percent in July 2015.
  • Almost 143,000 work in trade, transportation and utilities which has an excellent growth rate of 3 percent annually.

"We are seeing a major influx of new companies to Philadelphia in every sector," notes Mr. Mulhern. "With a strong base of Fortune 1000 companies and many locally-headquartered manufacturing companies, the Philadelphia market place is a great place for Accounting and Finance Professionals. In addition, the Investment and Private Equity space has started to grow rapidly as individuals have returned to the area from places like New York City to start up their own firms, funds or companies. It is a very exciting time for the Philadelphia market as it continues to diversify and grow."

Whichever industry you choose to go into in Philadelphia, chances are it'll be hiring. With a steady economy, great living conditions and a ton of amenities, making the move is a no-brainer.

This content is brought to you by the Marketing Team at Beacon Hill Staffing Group.

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